The concept of borrowing has become much more acceptable in recent years, one industry expert has declared. James Ketchell, a spokesperson from the Consumer Credit Counseling Service (CCCS), stated the idea of being in debt is ever more tolerable among Britons as a result of more people borrowing money during their time at university. He reported that it is "practically impossible" to graduate from higher education without being in some sort of debt. However, this in turn, he claimed, has allowed more people to consider taking out secured loans and other forms of borrowing in later life.

The CCCS representative added: "Once people are used to the idea of debt then it's easier for them in the future, to take up credit cards and personal loans, because the stigma has already been removed by taking out student loans during university."

Additionally, he reported that there is a larger need for guidance in relation to budgeting, loans and other areas to do with borrowing. "There is a move towards more financial education for people because it's not always obvious to people how to use credit and whether they are able to afford it," Mr Ketchell stated.

The CCCS spokesperson also asserted that people need to use "a bit more common sense in their financial dealings". He pointed to surging mortgage costs, rising prices of goods and a slowing in wage growth as all being potential reasons for why consumers may see pressure on their day-to-day spending increasing over coming months. As a result of such constraints on their monetary situation, more Britons may find their attempts at paying home loans and other forms of credit is impinged upon.

Mr Ketchell added that creating and sticking to a budget was the most important way in which people will be able to get to grips with handling their finances. In doing so, he suggested that consumers will be able to have much more control over their outgoings and will be able to identify how much money they are able to afford towards making loan repayments or if they will be able to successfully manage to apply for a loan in the future.

Although the CCCS representative pointed to those in the financial industry who believe that people spend money they have got on credit "irresponsibly", he suggested that this was not the case on the whole as most use loans and other forms of borrowing wisely. Mr Ketchell declared that "the majority of people are using credit for what they see as vital things". In addition, he noted that there has been a fall in the proportion of young people (those under the age of 25) looking for help with their finances.

However, earlier this month it was asserted that consumers could be set for an increase in financial difficulties as they get older. Earlier this year, research carried out by Norwich Union showed that 47 per cent of Britons believe they will need at least 25,000 pounds to live off every year upon retirement. However, this figure is some 14 times above the average annuity taken out. Scott Brown, head of annuities marketing, reported that many people "just seem to switch off" when it comes to thinking about their financial future. Those worried that they currently do not have enough spare income to start putting cash aside for retirement may wish to consider taking out a low-rate loan as a means of servicing debts quickly.